STATE STREET RESEARCH FINANCIAL TRUST
NSAR-B, 1996-12-24
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<PAGE>      PAGE  1
000 B000000 10/31/96
000 C000000 0000806390
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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SIGNATURE   DOUGLAS A. ROMICH                            
TITLE       ASSISTANT TREASURER 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 011
   <NAME> STATE STREET RESEARCH GOVERNMENT INCOME FUND CLASS A
       
<S>                             <C>
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<PER-SHARE-GAIN-APPREC>                         (0.17)
<PER-SHARE-DIVIDEND>                            (0.79)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.43
<EXPENSE-RATIO>                                   1.09
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 012
   <NAME> STATE STREET RESEARCH GOVERNMENT INCOME FUND CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                      688,875,761
<INVESTMENTS-AT-VALUE>                     704,502,748
<RECEIVABLES>                               18,377,041
<ASSETS-OTHER>                                  26,345
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             722,906,134
<PAYABLE-FOR-SECURITIES>                    15,334,878
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,799,327
<TOTAL-LIABILITIES>                         21,134,205
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   768,977,063
<SHARES-COMMON-STOCK>                        7,679,256
<SHARES-COMMON-PRIOR>                        7,002,674
<ACCUMULATED-NII-CURRENT>                    3,771,439
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                  (86,648,683)
<ACCUM-APPREC-OR-DEPREC>                    15,672,110
<NET-ASSETS>                               701,771,929
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           55,174,545
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               8,691,902
<NET-INVESTMENT-INCOME>                     46,482,643
<REALIZED-GAINS-CURRENT>                   (3,552,004)
<APPREC-INCREASE-CURRENT>                  (6,405,085)
<NET-CHANGE-FROM-OPS>                       36,525,554
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (5,188,785)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,341,362
<NUMBER-OF-SHARES-REDEEMED>                (1,940,555)
<SHARES-REINVESTED>                            275,775
<NET-CHANGE-IN-ASSETS>                    (59,249,610)
<ACCUMULATED-NII-PRIOR>                      2,696,356
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>               (114,552,578)
<GROSS-ADVISORY-FEES>                        4,723,842
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,691,902
<AVERAGE-NET-ASSETS>                       726,745,077
<PER-SHARE-NAV-BEGIN>                            12.55
<PER-SHARE-NII>                                   0.71
<PER-SHARE-GAIN-APPREC>                         (0.16)
<PER-SHARE-DIVIDEND>                            (0.70)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.40
<EXPENSE-RATIO>                                   1.84
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 013
   <NAME> STATE STREET RESEARCH GOVERNMENT INCOME FUND CLASS C
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                      688,875,761
<INVESTMENTS-AT-VALUE>                     704,502,748
<RECEIVABLES>                               18,377,041
<ASSETS-OTHER>                                  26,345
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             722,906,134
<PAYABLE-FOR-SECURITIES>                    15,334,878
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,799,327
<TOTAL-LIABILITIES>                         21,134,205
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   768,977,063
<SHARES-COMMON-STOCK>                          625,275
<SHARES-COMMON-PRIOR>                          400,569
<ACCUMULATED-NII-CURRENT>                    3,771,439
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                  (86,648,683)
<ACCUM-APPREC-OR-DEPREC>                    15,672,110
<NET-ASSETS>                               701,771,929
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           55,174,545
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               8,691,902
<NET-INVESTMENT-INCOME>                     46,482,643
<REALIZED-GAINS-CURRENT>                   (3,552,004)
<APPREC-INCREASE-CURRENT>                  (6,405,085)
<NET-CHANGE-FROM-OPS>                       36,525,554
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (404,930)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        518,980
<NUMBER-OF-SHARES-REDEEMED>                  (324,941)
<SHARES-REINVESTED>                             30,667
<NET-CHANGE-IN-ASSETS>                    (59,249,610)
<ACCUMULATED-NII-PRIOR>                      2,696,356
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>               (114,552,578)
<GROSS-ADVISORY-FEES>                        4,723,842
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,691,902
<AVERAGE-NET-ASSETS>                       726,745,077
<PER-SHARE-NAV-BEGIN>                            12.57
<PER-SHARE-NII>                                   0.84
<PER-SHARE-GAIN-APPREC>                         (0.17)
<PER-SHARE-DIVIDEND>                            (0.82)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.42
<EXPENSE-RATIO>                                   0.84
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 014
   <NAME> STATE STREET RESEARCH GOVERNMENT INCOME FUND CLASS D
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                      688,875,761
<INVESTMENTS-AT-VALUE>                     704,502,748
<RECEIVABLES>                               18,377,041
<ASSETS-OTHER>                                  26,345
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             722,906,134
<PAYABLE-FOR-SECURITIES>                    15,334,878
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,799,327
<TOTAL-LIABILITIES>                         21,134,205
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   768,977,063
<SHARES-COMMON-STOCK>                        1,166,285
<SHARES-COMMON-PRIOR>                        1,037,903
<ACCUMULATED-NII-CURRENT>                    3,771,439
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                  (86,648,683)
<ACCUM-APPREC-OR-DEPREC>                    15,672,110
<NET-ASSETS>                               701,771,929
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           55,174,545
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               8,691,902
<NET-INVESTMENT-INCOME>                     46,482,643
<REALIZED-GAINS-CURRENT>                   (3,552,004)
<APPREC-INCREASE-CURRENT>                  (6,405,085)
<NET-CHANGE-FROM-OPS>                       36,525,554
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (773,463)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        520,289
<NUMBER-OF-SHARES-REDEEMED>                  (435,567)
<SHARES-REINVESTED>                             43,660
<NET-CHANGE-IN-ASSETS>                    (59,249,610)
<ACCUMULATED-NII-PRIOR>                      2,696,356
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>               (114,552,578)
<GROSS-ADVISORY-FEES>                        4,723,842
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,691,902
<AVERAGE-NET-ASSETS>                       726,745,077
<PER-SHARE-NAV-BEGIN>                            12.56
<PER-SHARE-NII>                                   0.71
<PER-SHARE-GAIN-APPREC>                         (0.16)
<PER-SHARE-DIVIDEND>                            (0.70)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.41
<EXPENSE-RATIO>                                   1.84
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 023
   <NAME> STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE CL. C
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                       41,797,123
<INVESTMENTS-AT-VALUE>                      45,604,148
<RECEIVABLES>                                  596,654
<ASSETS-OTHER>                                  53,053
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              46,253,855
<PAYABLE-FOR-SECURITIES>                     1,081,019
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      183,985
<TOTAL-LIABILITIES>                          1,265,004
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    38,001,939
<SHARES-COMMON-STOCK>                        3,986,663
<SHARES-COMMON-PRIOR>                        3,880,114
<ACCUMULATED-NII-CURRENT>                      541,601
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,644,453
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     3,800,858
<NET-ASSETS>                                44,988,851
<DIVIDEND-INCOME>                              348,800
<INTEREST-INCOME>                            1,620,422
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 465,143
<NET-INVESTMENT-INCOME>                      1,504,079
<REALIZED-GAINS-CURRENT>                     3,151,150
<APPREC-INCREASE-CURRENT>                    1,101,514
<NET-CHANGE-FROM-OPS>                        5,756,743
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (1,633,976)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,373,024
<NUMBER-OF-SHARES-REDEEMED>                (1,314,427)
<SHARES-REINVESTED>                             47,952
<NET-CHANGE-IN-ASSETS>                       5,167,942
<ACCUMULATED-NII-PRIOR>                        551,744
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                   (386,058)
<GROSS-ADVISORY-FEES>                          302,408
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                699,519
<AVERAGE-NET-ASSETS>                        80,642,133
<PER-SHARE-NAV-BEGIN>                            10.26
<PER-SHARE-NII>                                   0.35
<PER-SHARE-GAIN-APPREC>                           1.07
<PER-SHARE-DIVIDEND>                            (0.40)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.28
<EXPENSE-RATIO>                                   1.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 031
   <NAME> STATE STREET RESEARCH STRATEGIC PORTFOLIOS AGGRESSIVE CL. A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                       58,139,426
<INVESTMENTS-AT-VALUE>                      65,800,420
<RECEIVABLES>                                1,067,612
<ASSETS-OTHER>                                  94,868
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              66,962,900
<PAYABLE-FOR-SECURITIES>                     2,891,434
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      176,767
<TOTAL-LIABILITIES>                          3,068,201
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    47,964,414
<SHARES-COMMON-STOCK>                           50,022
<SHARES-COMMON-PRIOR>                        3,619,245
<ACCUMULATED-NII-CURRENT>                      606,033
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      7,672,002
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     7,652,250
<NET-ASSETS>                                63,894,699
<DIVIDEND-INCOME>                              699,378
<INTEREST-INCOME>                            1,300,681
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 808,047
<NET-INVESTMENT-INCOME>                      1,192,012
<REALIZED-GAINS-CURRENT>                     7,998,701
<APPREC-INCREASE-CURRENT>                    1,718,152
<NET-CHANGE-FROM-OPS>                       10,908,865
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (365,226)
<DISTRIBUTIONS-OF-GAINS>                     (850,522)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                (3,647,468)
<SHARES-REINVESTED>                             78,245
<NET-CHANGE-IN-ASSETS>                       3,530,698
<ACCUMULATED-NII-PRIOR>                        464,967
<ACCUMULATED-GAINS-PRIOR>                    1,190,810
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          526,134
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                950,895
<AVERAGE-NET-ASSETS>                       140,302,133
<PER-SHARE-NAV-BEGIN>                            10.93
<PER-SHARE-NII>                                   0.14
<PER-SHARE-GAIN-APPREC>                           1.79
<PER-SHARE-DIVIDEND>                            (0.17)
<PER-SHARE-DISTRIBUTIONS>                       (0.24)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.45
<EXPENSE-RATIO>                                   1.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 033
   <NAME> STATE STREET RESEARCH STRATEGIC PORTFOLIOS AGGRESSIVE CL. C
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                       58,139,426
<INVESTMENTS-AT-VALUE>                      65,800,420
<RECEIVABLES>                                1,067,612
<ASSETS-OTHER>                                  94,868
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              66,962,900
<PAYABLE-FOR-SECURITIES>                     2,891,434
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      176,767
<TOTAL-LIABILITIES>                          3,068,201
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    47,964,414
<SHARES-COMMON-STOCK>                        5,089,802
<SHARES-COMMON-PRIOR>                        1,902,293
<ACCUMULATED-NII-CURRENT>                      606,033
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      7,672,002
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     7,652,250
<NET-ASSETS>                                63,894,699
<DIVIDEND-INCOME>                              699,378
<INTEREST-INCOME>                            1,300,681
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 808,047
<NET-INVESTMENT-INCOME>                      1,192,012
<REALIZED-GAINS-CURRENT>                     7,998,701
<APPREC-INCREASE-CURRENT>                    1,718,152
<NET-CHANGE-FROM-OPS>                       10,908,865
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (910,584)
<DISTRIBUTIONS-OF-GAINS>                     (463,669)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      5,031,860
<NUMBER-OF-SHARES-REDEEMED>                (1,901,217)
<SHARES-REINVESTED>                             56,866
<NET-CHANGE-IN-ASSETS>                       3,530,698
<ACCUMULATED-NII-PRIOR>                        464,967
<ACCUMULATED-GAINS-PRIOR>                    1,190,810
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          526,134
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                950,895
<AVERAGE-NET-ASSETS>                       140,302,133
<PER-SHARE-NAV-BEGIN>                            10.94
<PER-SHARE-NII>                                   0.22
<PER-SHARE-GAIN-APPREC>                           1.74
<PER-SHARE-DIVIDEND>                            (0.23)
<PER-SHARE-DISTRIBUTIONS>                       (0.24)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.43
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 041
   <NAME> STATE STREET RESEARCH STRATEGIC PORTFOLIOS CONSERVATIVE CL A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                       31,601,673
<INVESTMENTS-AT-VALUE>                      33,502,548
<RECEIVABLES>                                  571,995
<ASSETS-OTHER>                                  67,373
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              34,141,916
<PAYABLE-FOR-SECURITIES>                       230,055
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      124,411
<TOTAL-LIABILITIES>                            354,466
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    29,820,996
<SHARES-COMMON-STOCK>                           50,023
<SHARES-COMMON-PRIOR>                        2,617,823
<ACCUMULATED-NII-CURRENT>                      410,962
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      1,658,025
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,897,467
<NET-ASSETS>                                33,787,450
<DIVIDEND-INCOME>                              173,951
<INTEREST-INCOME>                            1,651,704
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 327,783
<NET-INVESTMENT-INCOME>                      1,497,872
<REALIZED-GAINS-CURRENT>                     1,710,843
<APPREC-INCREASE-CURRENT>                       90,149
<NET-CHANGE-FROM-OPS>                        3,298,864
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (454,334)
<DISTRIBUTIONS-OF-GAINS>                     (651,838)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                (2,630,477)
<SHARES-REINVESTED>                             62,677
<NET-CHANGE-IN-ASSETS>                       4,717,610
<ACCUMULATED-NII-PRIOR>                        303,997
<ACCUMULATED-GAINS-PRIOR>                      667,786
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          201,690
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                525,723
<AVERAGE-NET-ASSETS>                        67,229,973
<PER-SHARE-NAV-BEGIN>                            10.56
<PER-SHARE-NII>                                   0.42
<PER-SHARE-GAIN-APPREC>                           0.66
<PER-SHARE-DIVIDEND>                            (0.36)
<PER-SHARE-DISTRIBUTIONS>                       (0.25)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.03
<EXPENSE-RATIO>                                   1.15
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
   <NUMBER> 043
   <NAME> STATE STREET RESEARCH STRATEGIC PORTFOLIOS CONSERVATIVE CL C
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                       31,601,673
<INVESTMENTS-AT-VALUE>                      33,502,548
<RECEIVABLES>                                  571,995
<ASSETS-OTHER>                                  67,373
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              34,141,916
<PAYABLE-FOR-SECURITIES>                       230,055
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      124,411
<TOTAL-LIABILITIES>                            354,466
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    29,820,996
<SHARES-COMMON-STOCK>                        3,039,822
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